Henk Jan Spanjaard, the Chief Revenue Officer of Quantum Corp (NASDAQ:), recently sold a portion of his holdings in the company. According to a recent SEC filing, Spanjaard sold 935 shares of Quantum Corp’s common stock on January 16, 2025. The shares were sold at a price of $35.68 each, totaling approximately $33,360. This transaction comes as Quantum’s stock has shown remarkable momentum, with a 462% return over the past year and a 323% surge in the last six months, according to InvestingPro data.
The transaction was executed to cover tax withholding obligations associated with the vesting of restricted stock units granted to Spanjaard on January 1, 2024. Following this sale, Spanjaard retains ownership of 14,903 shares in the company. InvestingPro analysis indicates that Quantum Corp is currently trading below its Fair Value, with 13 additional ProTips available to subscribers, including insights about the company’s financial health and growth prospects. Investors can access comprehensive analysis through InvestingPro’s detailed Research Report, available for over 1,400 US stocks.
In other recent news, Quantum Corporation announced significant developments in the field of quantum computing. The company experienced a surge in its share prices following the introduction of a new parallel file system client for its Quantum Myriad all-flash file system, designed to enhance NVIDIA (NASDAQ:) GPUDirect Storage® capabilities. This development is expected to improve AI/ML infrastructure and offers a solution for GPU-intensive tasks such as AI/ML model training and inferencing, high-performance computing visualization, and video rendering.
Simultaneously, Quantum Corporation introduced a high-density tape storage system, the Scalar i7 RAPTOR, targeting AI and cloud storage needs. This system boasts storage density claimed to be up to 200% higher than traditional enterprise tape libraries, providing over 36 petabytes of storage using LTO-9 tapes.
However, the company also faced a significant sell-off, with its stock price falling by 39%. This downturn is attributed to investor concerns over the soaring valuations in the quantum computing sector and criticism from activist short seller Citron Research. The company also reported a 7% decrease in year-over-year revenue, totaling $70.5 million, but managed to achieve approximately breakeven adjusted EBITDA.
Despite these challenges, Quantum Corporation remains optimistic, with the company adjusting its FY 2025 revenue outlook to $280 million and adjusted EBITDA expected at $3 million. These recent developments reflect Quantum Corporation’s ongoing commitment to innovation and growth in the quantum computing sector.
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